GE Outlines New CEO's Employment Bonus Agreement

(RTTNews) - General Electric Co. (GE) Thursday said its board approved terms of an employment agreement with new Chief Executive Officer Lawrence Culp

GE notes that the arrangements include an "employment inducement award" of performance share units made in connection with Culp's commencement of service as CEO.

The employment inducement award is contingent upon how much the stock appreciates under Culp's leadership. The board's Management Development and Compensation Committee will pay out 2.5 million to 7.5 million shares based on a stock price appreciation target ranging from 50% to 150% between October 1, 2018 to September 30, 2022. However, Culp will not receive any payout if price appreciation falls below 50%.